Need Help and Tips c; - (1st Wholesale Deal: Offer To Seller)

[Alfredo Tayam]

Good afternoon BP forums :D

I need some pointers on what to do to calculate my first offer.

Current Situation:

I have contact with the seller, and they want me to make an offer. I found this property driving for dollars and was able to take a deep look inside and around.

The property is a vacant farm house/ranch and looks trashed (broken windows, raunchy carpets, garbage everywhere) and looks very abandoned. It's livable space is a 3 bedroom 2,204 sq ft house. There are some fences throughout the land, and it also has a few extra structures in the backyard like a shed and a horse stable. The property and it's extra buildings sit on 5 acres of land.

Where I get confused is the seller gives me the option to MAKE an offer on the 5 acres of land (which has all of the buildings on it), OR the 5 acres w/ buildings and then the additional 5 acres adjacent to it as well.

As far as calculating and ARV the few comparables I were able to find sold for the value of 450,000-600,000. In the past year.

The seller has it listed online for 2,675,000. (I don't want to sound dumb, but I can't help but feel that it's a far fetched price.) The listing has been sitting for 160+ days at this point.

I hope this post isn't too much of a brain scramble. I would like to know your guys's advices :) Thank you for your time and have a blessed day!